{"id":446140,"date":"2024-10-01T18:56:24","date_gmt":"2024-10-01T17:56:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=446140"},"modified":"2024-10-01T18:57:18","modified_gmt":"2024-10-01T17:57:18","slug":"middle-east-tension-causes-massive-crypto-market-shakeup-489-million-liquidated","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/middle-east-tension-causes-massive-crypto-market-shakeup-489-million-liquidated\/","title":{"rendered":"Middle East tension causes massive crypto market shakeup, $489 million liquidated"},"content":{"rendered":"<p><span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">BTC<\/a>) crashed in tandem with stock markets on Oct. 1 as tensions continued to escalate in the Middle East after Israel announced ground operations in Lebanon, which has prompted Iran to take action.<\/span><\/p>\n<p>The official account of Israel Defense Forces on X <a href=\"https:\/\/x.com\/IDF\/status\/1841155252428390707\">shared<\/a> at 4:36 P.M. UTC that Iran was firing rockets at Israeli territory.\u00a0<span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">Additionally, reports claim that Iran is likely to send a\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2024-10-01\/middle-east-latest-m1qnx63j-iran-fires-rockets-at-israel-idf-says\" target=\"_blank\" rel=\"noopener\">second wave<\/a> of missiles targeting Israel in the ensuing hours.<\/span><\/p>\n<p>As a result, over $489 million was liquidated over the past 24 hours, with the majority of liquidations \u2014 $312 million \u2014 occurring within the past four hours, according to\u00a0Coinglass <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">data<\/a>.<\/p>\n<p>Long liquidations accounted for $416.6 million of the total, while short liquidations amounted to roughly $73 million.<\/p>\n<p><span style=\"color: #333333;\">According to CryptoSlate data, BTC was trading at $61,598 as of press time, down 3% over the past day<\/span>.<\/p>\n<h2>Altcoins see heavier losses<\/h2>\n<p>Major altcoins displayed heavier corrections following the news. Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>) was down 4.31% as of press time and trading at $2,490, while Solana (<a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">SOL<\/a>) was down over 5.51% and trading at $146.8.<\/p>\n<p><span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">Toncoin (<a href=\"https:\/\/cryptoslate.com\/coins\/telegram-open-network\/\" target=\"_blank\" rel=\"noopener\">TON<\/a>) and Dogecoin (<a href=\"https:\/\/cryptoslate.com\/coins\/dogecoin\/\" target=\"_blank\" rel=\"noopener\">DOGE<\/a>) registered the worst performance, tumbling 6.2% and 7.3%, respectively, to $5.33 and $0.1063.<\/span><\/p>\n<p>The Fear and Greed Index \u2014 which measures crypto investors\u2019 sentiment daily \u2014 <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">fell<\/a> from the greed zone at 61 points to the neutral area at 50 points in 24 hours.<\/p>\n<h2>Gold, dollar surge<\/h2>\n<p>The US equities market also registered losses today, with the S&P 500 (SPX) shrinking 1.1% and the Nasdaq Index pulling back 1.85%. Nvidia (<a href=\"https:\/\/cryptoslate.com\/companies\/nvidia\/\">NVDA<\/a>) stocks are down 4%, and Apple (<a href=\"https:\/\/cryptoslate.com\/companies\/apple\/\">AAPL<\/a>) shares fell 3.6%.<\/p>\n<p>Meanwhile, the US Dollar Index is up 0.6%, followed by a 1.1% leap registered by the Philadelphia Gold and Silver Index (XAU).<\/p>\n<p>Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, <a href=\"https:\/\/x.com\/jsblokland\/status\/1841112732935897457\">stated<\/a> on X that investors are \u201cliterally selling\u201d BTC to buy gold amid the intensification of the conflict.\u00a0However, he added that Bitcoin\u2019s average return as a hedge against geopolitical events has proven to be a good decision since 2020.<\/p>\n<p>Citing a BlackRock report, Blokland <a href=\"https:\/\/x.com\/BloklandFund\/status\/1840749613684277537\">highlighted<\/a> that BTC outpaced the 60-day returns of SPX and gold during the US-Iran conflict and Covid outbreak in 2020, the deflagration of war between Russia and Ukraine in 2022, and the US banking crisis in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) crashed in tandem with stock markets on Oct. 1 as tensions continued to escalate in the Middle East after Israel announced ground operations in Lebanon, which has prompted Iran to take action. The official account of Israel Defense Forces on X shared at 4:36 P.M. UTC that Iran was firing rockets at Israeli [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":446143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,60840,77968,77911,79312,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Middle East tension causes massive crypto market shakeup, $489 million liquidated<\/title>\n<meta name=\"description\" content=\"Crypto long positions endure cascading liquidations for the past 24 hours as Iran launches an air strike against Israel.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/middle-east-tension-causes-massive-crypto-market-shakeup-489-million-liquidated\/\" 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